Binance partners with Bhutan on tourism payment system
The government of Bhutan, the Buddhist kingdom nestled in the Himalayas, has partnered with cryptocurrency payment service Binance Pay to launch the world’s first national-level crypto tourism payment system.
In a recent blog post, Binance outlined details of the collaboration. Alongside the government and Binance, Bhutanese digital bank DK Bank will also play a role. The payment system enables international visitors to Bhutan who also happen to be Binance account holders to pay for a range of services within the kingdom.
Facilitating spending of over 100 cryptos
Using the Binance app, tourists visiting Bhutan can use dynamic or static QR codes in order to complete secure transactions via participating merchants in real time. The system supports users in spending over 100 cryptocurrencies to pay for goods or services, including hotel stays, tour guides and entrance fees to touristic sites.
Payment using these digital assets will be settled instantly in Bhutan’s sovereign currency, the Ngultrum (BTN), with that settlement facilitated by DK Bank. Binance also asserted that the initiative facilitates inclusion and innovation by enabling small businesses in remote areas to accept crypto and in that way, to go digital.
Bridging ‘cultures and economies’
Binance CEO Richard Teng said that the initiative not only advances the use of crypto in the tourism sector, it also sets a precedent for “how technology can bridge cultures and economies.” Teng added:
“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.”
Damcho Rinzin is also of the opinion that the initiative adds value beyond just being a tourism-related payment system. He stated:
“This is more than a payment solution – it’s a commitment to innovation, inclusion, and convenience.”
Binance described the new payment system as the first of its kind to offer end-to-end crypto-based payments at a national level, in a fully integrated manner. It added that previous systems established elsewhere had limitations and that by offering real-time confirmations, near-zero fees and a regulatory-compliant bank handling settlements, this system overcomes past limitations.
Early adopter
While Bhutan appears to have established a world-first with this system, it is no stranger to being innovative related to crypto. The kingdom has amassed a Bitcoin holding with a value in excess of $1 billion. It has collaborated with Bitcoin miner and Bitcoin mining equipment manufacturer Bitdeer on crypto-related ventures.
In January it was announced that the Gelephu Mindfulness City (GMC), a special administrative region within Bhutan, is moving forward with plans to hold Bitcoin, Ethereum and BNB, a digital asset that was created by Binance back in 2017, within its strategic reserve.
Bhutan’s early interest in crypto hadn’t gone unnoticed by Binance founder Changpeng Zhao (CZ). Last November, CZ commented on the X social media platform, in response to the news that Bhutan had accumulated in excess of $1 billion in Bitcoin, that many countries will use Bitcoin as a strategic asset going forward. The following month he visited the kingdom, meeting with the King of Bhutan.
During a panel discussion at Token2049 in Dubai in April, CZ commented that Bhutan is already advanced in its efforts to implement a national Bitcoin strategic reserve.
